Exemption

1Lands and improvements are exempt from all taxes described under section 31 (3) of the Columbia Basin Trust Act for the 2001 and subsequent taxation years if included in a facility constructed in whole or in part by or on behalf of

(a)Columbia Power Corporation, and

(b)CBT Arrow Lakes Power Development Corp.

Rescission of exemption

2An exemption of land or an improvement under section 1 is rescinded if the land or the improvement is not owned by

(a)Columbia Basin Trust or a subsidiary of Columbia Basin Trust,

(b)Columbia Power Corporation or a subsidiary of Columbia Power Corporation,

(c)Arrow Lakes Power Development Corporation, or

(d)the government.